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Philippines
Friday, March 29, 2024

Diokno: BSP on track to reserves cut goal

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Bangko Sentral ng Pilipinas Governor Benjamin Diokno said monetary authorities are on track of reducing the reserve requirement ratios of banks from the current 16 percent to a single-digit level four years from now.

Diokno, in a speech on Monday during the annual conference of the Bank for International Settlements held at the Conrad Hotel in Pasay City, said the reduction in reserve requirements formed part of the Bangko Sentral’s broad financial sector reform agenda.

“… We will continue to pursue the reduction of reserve requirements from the current 16 percent to single digit by 2023 to promote a more efficient financial system,” Diokno told conference participants.

“We expect that all these will aid in the further development of Philippine capital markets by fostering money market transactions and active liquidity management by Philippine banks,” Diokno said. 

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